Marketing for Entrepreneurs : Concepts and Applications for New Ventures

Why Rent from Knetbooks?

Because Knetbooks knows college students. Our rental program is designed to save you time and money. Whether you need a textbook for a semester, quarter or even a summer session, we have an option for you. Simply select a rental period, enter your information and your book will be on its way!

Marketing for Entrepreneurs 2e provides insights, strategies, and tips on how to apply entrepreneurial marketing concepts to increase the chances of venture success. The text focuses on how marketing can be used to find, evaluate, and exploit the right venture opportunity. It then walks students and professionals through the various phases and steps of the marketing process, highlighting specifically what is unique to and effective for entrepreneurial pursuits. Key Features Practical Application: Each chapter is written to allow readers to readily apply the concepts to their individual ventures. Unique Focus: The author looks beyond the ˘4Ps÷ to address forces in the external marketing environment. Comprehensive Coverage: This book provides everything aspiring entrepreneurs need to know about leveraging marketing in the development and promotion of new products and services, including opportunity assessment, research, understanding customers and competitors, branding, pricing, and creating a market plan. Pedagogical Highlights Entrepreneurial Marketing Spotlights illustrate how successful entrepreneurs use contemporary marketing techniques, providing real-life examples for readers. Entrepreneurial Exercises encourage readers to apply what they have learned, promoting deeper understanding and retention. Key Takeaways summarize material covered in the chapter, allowing students time to review before advancing in the text

Preface

p. xi

Marketing in an Entrepreneurial Context

p. 1

Marketing: Defined

p. 2

The Seven Steps in the Marketing Process

p. 3

Why Marketing in New Ventures Is Different

p. 4

Using Marketing to Discover and Satisfy Customer Needs

p. 5

The 5Ps of Product-Based Ventures

p. 6

The 8Ps of Service-Based Ventures

p. 7

Market Fulfillment Versus Market Creation

p. 8

How Social Media Is Changing the Entrepreneurial Game

p. 9

The External Marketing Environment

p. 11

Five Forces in the Entrepreneurial Marketing Environment

p. 12

Environmental Scanning

p. 15

An Environmental Scan of the United States

p. 17

Key Takeaways

p. 18

Entrepreneurial Exercise

p. 18

Key Terms

p. 19

Finding and Evaluating the Right Marketing Opportunity

p. 21

Opportunities Can Be Recognized, Discovered, or Created

p. 22

Characteristics of a Good Opportunity

p. 22

Finding Marketing Opportunities: Where to Look

p. 25

Veiled/Niche Opportunities

p. 29

Evaluating Marketing Opportunities

p. 30

Determining the Extent of the Opportunity: Making Some Market Estimates Using Voice of Consumer Feedback

p. 35

Opportunities and the Business Model

p. 37

Key Takeaways

p. 39

Entrepreneurial Exercise

p. 40

Key Terms

p. 40

Using Marketing Research to Ensure Entrepreneurial Success

p. 43

Marketing Research: Defined

p. 44

Types and Methods of Marketing Research

p. 44

Secondary Data

p. 44

Primary Data

p. 45

Other Research Issues

p. 56

Research Design

p. 56

Sampling

p. 57

Proper Data Collection and Analysis

p. 58

Research Conclusions and Taking Action

p. 58

Designing a Marketing Information System

p. 59

Key Takeaways

p. 59

Entrepreneurial Exercise

p. 60

Key Terms

p. 60

Understanding Customers and Competitors

p. 61

Understanding the Customer

p. 62

Psychological Influences

p. 64

Sociocultural Influences

p. 67

Situational Influences

p. 73

Marketing Mix Influences

p. 74

Business Customers

p. 74

Key Differences and Key Similarities

p. 74

Business Buying Criteria

p. 76

They Buying Center

p. 76

Understanding Competition

p. 77

Key Takeaways

p. 80

Entrepreneurial Exercise

p. 81

Key Terms

p. 81

Segmentation, Targeting, and Positioning

p. 83

Market Segmentation

p. 84

Questions Any Segmentation Analysis Must Answer

p. 84

Additional Requirements for Effective Segmentation

p. 85

Ways to Segment Markets

p. 85

Selecting Target Segments

p. 91

Positioning

p. 94

Perceptual Mapping

p. 95

Key Takeaways

p. 97

Entrepreneurial Exercise

p. 98

Key Terms

p. 98

Developing New Products and Services

p. 101

Types of New Products

p. 101

Types of New Services

p. 103

Characteristics of Successful New Products and Services

p. 104

The New Product/Service Process

p. 106

Idea Generation

p. 107

Screening and Evaluation

p. 109

Business Analysis

p. 109

Development

p. 110

Market Testing

p. 110

Launch

p. 111

Adoption and Diffusion of New Products and Services

p. 112

Managing Your Products/Services Over Their Life Cycles

p. 116

Consider a Different Approach to New Product/Service Development

p. 119

Key Takeaways

p. 120

Entrepreneurial Exercise

p. 120

Key Terms

p. 121

Building and Sustaining the Entrepreneurial Brand

p. 123

What Is a Brand?

p. 124

Why Is Entrepreneurial Branding Important?

p. 124

Characteristics of a Good Brand

p. 125

The Entrepreneurial Branding Process

p. 126

Entrepreneurial Branding Strategies

p. 128

Corporate Branding-Branded House

p. 128

Individual Product/Service Branding-House of Brands

p. 130

Hybrid Branding-Subbranding

p. 130

Other Branding Options

p. 131

The Importance of Brand Equity

p. 131

Creating Brand Equity

p. 132

Valuing Brand Equity

p. 133

Key Takeaways

p. 135

Kentrepreneurial Exercise

p. 135

Key Terms

p. 136

Entrepreneurial Pricing

p. 139

The Pricing Parameters

p. 140

Cost-Based Pricing

p. 141

Competition-Based Pricing

p. 143

Customer-Based Pricing

p. 144

Some Entrepreneurial Pricing Advice

p. 146

Key Takeaways

p. 149

Entrepreneurial Exercise

p. 149

Key Terms

p. 149

Entrepreneurial Channel Development and Supply Chain Management

p. 151

Understanding Channels

p. 153

Channel Options

p. 153

Direct Channel

p. 153

Indirect Channel

p. 155

Multichannel

p. 155

Channel Drivers

p. 157

Choosing a Channel Strategy

p. 158

Three Channel Design Imperatives

p. 161

Formalized Channel Arrangements

p. 162

Supply Chain Management

p. 163

Key Takeaways

p. 164

Entrepreneurial Exercise

p. 165

Key Terms

p. 166

Entrepreneurical Promotions: Doing More With Less!

p. 167

Promotion

p. 169

The Role of Promotion

p. 169

The Promotional Mix

p. 169

Advertising

p. 170

Public Relations

p. 173

Sales Promotion

p. 174

Personal Selling

p. 176

Direct Marketing

p. 177

The Integrated Promotion Plan

p. 179

Target Audience

p. 180

Promotion Objectives

p. 180

Promotion Budget

p. 181

Promotional Theme and Message

p. 182

Promotional Mix

p. 183

Execution

p. 185

Control and Evaluation

p. 186

Key Takeaways

p. 188

Entrepreneurial Exercise

p. 188

Key Terms

p. 189

The Entrepreneurial Marketing Plan

p. 191

Difference Between the Venture's Business Plan and the Venture's Marketing Plan